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BEE deal concluded between Grindrod's subsidiary Unicorn and Calulo

22 January 2008

Unicorn, a wholly owned subsidiary of Grindrod Limited and Calulo Services, a subsidiary of Calulo Petrochemicals, are pleased to announce the formation of a joint venture to develop their maritime activities in Southern Africa. The joint venture will consist of two entities operating in related, although slightly different maritime fields.The first entity, Unicorn Calulo Bunkering Services (Pty) Limited will be owned 74,9% by Unicorn with the balance held by Calulo Services.This company will own and operate sophisticated bunker barges in South African ports delivering bunker fuels to the maritime industry. These barges have been built to ensure the conservation of the environment. The second entity, Unicorn Calulo Shipping (Pty) Limited, a 50% joint venture between Unicorn and Calulo will operate shipping services on the Southern African coast focusing predominantly on the tanker market. This partnership brings together one of South Africa’s oldest shipping companies, Unicorn who will be celebrating their 75th anniversary in 2008, with new emerging operator Calulo Services, an empowered shipping and logistics services group that has enjoyed substantial growth since its formation 5 years ago. The arrangement with Calulo will replace Southern Tankers which has ceased operations. Unicorn MD and Executive Director of Grindrod Limited, Laurence Stuart-Hill added “Unicorn and Calulo have been discussing the possibility of forming a joint venture for many years, sowe are pleased to finally conclude this arrangement which will significantly improve efficiencies and service offerings.” Bryn Ressell, Calulo Services CEO said, “Calulo Services has created a significant operating presence in the Southern African tanker market. Teaming up with Unicorn will combine world class assets, skills and expertise which will enable the new venture to provide the South African oil industry with highly efficient and cost effective tanker shipping solutions. The arrangement also broadens Calulo’s presence within the maritime sector by providing Calulo with a spring board into the ownership and operation of bunkering vessels.” Stuart-Hill added that “while we are building the first two barges in China for delivery in May 2008 we are extremely pleased to announce the ordering of the third bunker barge from the Durban shipyard, Dormac.Unicorn has ordered 11 ocean going ships in the past from Durban shipyards and is very pleased to again support the local industry thereby providing much needed jobs for South Africans.” The contract price is in the region of R80 million.

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